New rules of saving + MORE Nov 9th

Company: Financial Services Commission of Ontario Position: Inquiry and Correspondence Officer Location: North York, Ontario Apply to: www.ontario.ca/careers Inquiry and Correspondence Officer 1 temporary assignment up to 12 months (unilingual position) 1 permanent bilingual position   Are you looking for a challenging position to showcase your leadership and expertise in communications? If so, bring your advanced writing skills, creativity and expertise in legislation to the Strategic Communications Branch of the Financial Services Commission of Ontario (FSCO), where you will provide inquiry and correspondence services regarding the application of regulations, policies and processes administered by FSCO.   What can I expect READ MORE

B.C. mortgage brokers have eight months to prepare for one of the biggest procedural changes ever to hit their industry. The province’s regulator, FICOM, has released its controversial broker compensation disclosure guidelines, and they take effect June 30, 2017. The new rules make brokers list all monetary interests and benefits they receive when arranging a mortgage. “Any interest which has a monetary value must be expressed as a dollar amount” to consumers, the regulator states. “…We are disappointed by this announcement,” said Paul Taylor, President and CEO of Mortgage Professionals Canada, in a statement Tuesday. “From the onset, we have encouraged open consultation and READ MORE

The value of a poll question depends heavily on how you ask it. Take this “finding” from Forum Research, as reported by the Toronto Star: “Ottawa’s tougher rules for…mortgages are a good idea, according to 63% of Canadians.” That’s an interesting conclusion given the question that Forum Research asked: “The Liberal government has tightened mortgage-lending regulations, and cancelled the primary residence tax exemption for foreign real estate buyers. Do you approve or disapprove of this decision?” As written, the question combines two distinct rule changes: the new insured mortgage rules and the banning of the primary residence tax exemption for foreign real READ MORE

Rainy day savings accounts are a bad idea
In this new age of low interest rates, rainy day savings make a lot less sense. It’s hard to justify keeping six months’ salary in a plain-vanilla account. “If you have a mortgage, money in a savings account is better spent putting it towards the mortgage,” says Dan Bortolotti, MoneySense columnist and certified financial planner with PWL Capital in Toronto. As well, if you have a mortgage, an equity line of credit on your home makes sense. “Just ensure you get the equity line of credit approved while you’re employed,” says Bortolotti. A word of caution—only tap the line of credit in a real emergency. It’s tempting to dip into it for impulse buys like a new car or trip to Vegas. “You have to avoid that,” says Bortolotti. And if you don’t have a mortgage? Then you likely have money sitting in either a TFSA or RRSP. Simply put a portion of the TFSA money in investments you can access quickly in a pinch—say, if the car needs engine repairs or your home needs a new roof…

Company: Merix Financial Position: Director, Business Development,  Southwestern Ontario Region Location: Toronto, ON Apply to: Email resumes to Attn Human Resources – Apoorva Shukla  – apoorva.shukla@paradigmquest.com and copy Regional VP, Eastern Canada – Veronica Love-Alexander veronica.love-alexander@merixfinancial.com Director, Business Development,  Southwestern Ontario Region About Merix Financial: Merix Financial Inc. is an intermediary between mortgage wholesalers and mortgage originators, providing superior sales and service operations.  By way of its agency relationship with wholesalers, Merix is responsible for originating mortgage volumes via independent mortgage originators, such as mortgage brokers.  Merix Financial is a national company with its head office located in Toronto, ON, READ MORE